Canadian Imperial Bank of Commerce (NYSE:CM) Posts Quarterly Earnings Results, Beats Estimates By $0.19 EPS

Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) issued its earnings results on Thursday. The bank reported $1.93 EPS for the quarter, topping the consensus estimate of $1.74 by $0.19, Briefing.com reports. The company had revenue of $6.60 billion during the quarter, compared to analyst estimates of $6.28 billion. Canadian Imperial Bank of Commerce had a return on equity of 13.63% and a net margin of 10.66%. The business’s revenue was up 12.9% on a year-over-year basis. During the same quarter last year, the firm earned $1.14 EPS.

Canadian Imperial Bank of Commerce Trading Up 1.6 %

Shares of CM stock opened at $58.44 on Friday. The company has a debt-to-equity ratio of 0.15, a quick ratio of 1.06 and a current ratio of 1.06. Canadian Imperial Bank of Commerce has a 1 year low of $34.35 and a 1 year high of $59.10. The stock has a fifty day moving average of $50.77 and a two-hundred day moving average of $49.25. The firm has a market capitalization of $55.11 billion, a PE ratio of 12.02, a price-to-earnings-growth ratio of 2.17 and a beta of 1.06.

Canadian Imperial Bank of Commerce Cuts Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, October 28th. Shareholders of record on Friday, September 27th will be given a dividend of $0.652 per share. The ex-dividend date of this dividend is Friday, September 27th. This represents a $2.61 dividend on an annualized basis and a yield of 4.46%. Canadian Imperial Bank of Commerce’s dividend payout ratio (DPR) is presently 54.32%.

Wall Street Analysts Forecast Growth

CM has been the subject of a number of analyst reports. StockNews.com upgraded Canadian Imperial Bank of Commerce from a “sell” rating to a “hold” rating in a research report on Friday. UBS Group initiated coverage on Canadian Imperial Bank of Commerce in a research report on Tuesday, July 2nd. They set a “neutral” rating for the company. BMO Capital Markets boosted their price objective on Canadian Imperial Bank of Commerce from $77.00 to $81.00 and gave the company an “outperform” rating in a research report on Friday. Bank of America upgraded Canadian Imperial Bank of Commerce from a “neutral” rating to a “buy” rating in a research report on Friday. Finally, Desjardins upgraded Canadian Imperial Bank of Commerce from a “hold” rating to a “moderate buy” rating in a research report on Friday, August 2nd. One analyst has rated the stock with a sell rating, three have given a hold rating and six have given a buy rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $68.33.

About Canadian Imperial Bank of Commerce

Canadian Imperial Bank of Commerce, a diversified financial institution, provides various financial products and services to personal, business, public sector, and institutional clients in Canada, the United States, and internationally. The company operates through Canadian Personal and Business Banking; Canadian Commercial Banking and Wealth Management; U.S.